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Stocks poised for negative opening

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Indian stocks are poised for negative opening as trading resumes after a local holiday. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 79 points at the opening bell. Developments surrounding the global coronavirus pandemic are likely to continue weighing on investor sentiment.

The Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of February 2020 stands at 133.3, which is 4.5% higher as compared to the level in the month of February 2019. The cumulative growth for the period April-February 2019-20 over the corresponding period of the previous year stands at 0.9%.

India's foreign exchange reserves fell by US$ 0.90 billion to US$ 474.66 billion in the week ended 3 April 2020. The foreign exchange reserves had stood at US$ 475.56 a week ago.

Overseas, stocks in Asia traded lower Monday as the Organization of the Petroleum Exporting Countries and its allies reached an agreement on a record oil production cut. Markets in Hong Kong and Australia are closed on Monday for Easter Monday.

In US, stock markets were closed on Friday, 10 April 2020 on account of Good Friday

Meanwhile, oil prices rose in Asian trading hours. The moves came after OPEC and its allies, known collectively as OPEC+, on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war.

Back home, the BSE and the NSE were shut on Friday, 10 April 2020 on account of Good Friday. Domestic shares surged on Thursday, tracking gains in global peers amid hopes that governments will roll out more stimulus measures to support their economies. Initial signs of peaking out of Covid-19 infections in major hotspots like Italy and the US also supported buying. The barometer index, the S&P BSE Sensex, surged 1265.66 points or 4.23% at 31,159.62. The Nifty 50 index soared 363.15 points or 4.15% at 9,111.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1,737.62 crore on 9 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 466.02 crore on 9 April 2020, as per provisional data.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, April 13 2020. 07:30 IST
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